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Put a bid on a house...


Twistedrx7

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i'm not going to sit here and read the whole thread but i can tell you that a buddy of mine made a cash offer on a house (he had enough cash in hand to pay the full amount of the house) and the bank turned him down. the reason was that they want you to finance it through them so they can make their money off the intrest.
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FWIW It is illegal to "require financing" or otherwise discriminate between financing and non financing parties in regards to price. That being said, it happens. If you have good credit and want a house listed by a bank, get "pre-approved" by them. After your offer is accepted decide to pay cash. Same goes with buying a car. Often times you will get a cheaper price when they think they are going to be earning "reserve" on the financing. Once the lower price is offered it cannot be rescinded due to cash payment legally.
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bank owned and foreclosure are not the same thing. As LJ said a 2nd bank bought the house at an auction. How is this hard to understand?

And how the hell do you think the bank came to own the home? Foreclosure.

 

Bank owned = house was foreclosed on.

 

No one usually buys a foreclosure. Here is why:

 

http://www.realestateabc.com/homeguide/reo.htm

 

Simply put, if there was enough equity in the house to pay the loan/back taxes/property liens, then the owner would have just sold the joint instead of foreclosing on it. So all of those foreclosed properties you see listed are just bank-owned properties that have went through the process, and are generally just known as buying a foreclosure.

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okay think of it this way since it is hard for you to understand.

 

Josh bought a house, he couldnt keep it so it went into foreclosure. The house went to the sheriff auction.

 

Doug goes to the auction to buy this house, since he knew he could get a good deal on this foreclosed house. Doug buys the house.

 

He now goes and resells the property. Just a straight sale.

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And how the hell do you think the bank came to own the home? Foreclosure.

 

Bank owned = house was foreclosed on.

 

No one usually buys a foreclosure. Here is why:

 

http://www.realestateabc.com/homeguide/reo.htm

 

Simply put, if there was enough equity in the house to pay the loan/back taxes/property liens, then the owner would have just sold the joint instead of foreclosing on it. So all of those foreclosed properties you see listed are just bank-owned properties that have went through the process, and are generally just known as buying a foreclosure.

 

Just stop, you have no idea what you are talking about.

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You gotta think past closing and past the buyer-seller transaction. Just because the selling bank has a check in hand, doesn't mean they have transferred (cashed) the funds from the loaning bank. It can often be months before a bank finishes processing the transaction if it makes financial sense for them and it's perfectly legal for them to do so.

 

Well first off, it doesn't matter if the buyer was paying cash or financing through another bank, to the selling bank, or sellers, a check is a check. secondly, as soon as it closes, it goes on the income statement anyways, the check doesn't have to be cashed. There is a difference between gross income and cash on hand.

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okay think of it this way since it is hard for you to understand.

 

Josh bought a house, he couldnt keep it so it went into foreclosure. The house went to the sheriff auction.

 

Doug goes to the auction to buy this house, since he knew he could get a good deal on this foreclosed house. Doug buys the house.

 

He now goes and resells the property. Just a straight sale.

How many houses that go to Sherrif's auction actually sell. And of those that do sell, how many are to people and not banks. I looked into the Sherrif's auction deal - it is no deal.

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Look kid, how many homes have you owned/purchased? Have you ever bought a foreclosed home? Didn't think so.

 

look kid? Joe, seriously dude.

 

I've been on the buying end at a closing, buying property for myself 7 times.

 

I've been at a closing on the selling end as an officer of my father's old real estate company over 70 times.

 

I have purchased 2 foreclosed properties.

 

Let's not forget that a really good friend of mine is one of the top selling foreclosure agents in Columbus and has contracts with Chase, Huntington and 5/3.

 

Now let me ask you, how many homes have YOU owned/purchased? How many have you sold? How many closings have you ever been to? How many times have you been the person who makes the decision to accept or reject an offer (oh about 40 for me). So look, old man who thinks he knows everything about real estate because he has owned 2 houses in his life, shut the fuck up, because you have no fucking clue what you are talking about.

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How many houses that go to Sherrif's auction actually sell. And of those that do sell, how many are to people and not banks. I looked into the Sherrif's auction deal - it is no deal.

 

actuallllly, sheriff auctions are really a great way to get a good deal if you can sneak a peak into the house before it sells. The house i lost sold for 93,000 that the bank bought. they did nothing to the house and sold it for 120,000. The house originally sold for 230,000. Im pretty sure that is a good deal. Maybe a house down in Columbus would be a shitty investment, but MI houses and other houses with transferable warranties i cant see anything bad about that.

 

Maybe mold, or other things but like i said sneak inside first.

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